Preserve your family home with help from your Ladybird deed lawyer in Boynton Beach.
Owning a family home in Boynton Beach, Florida, allows you to enjoy the area’s lovely weather, vibrant community, and desirable placement in Palm Beach County. A Ladybird Deed can help you ensure a seamless transfer of ownership so your family can continue living in your Boynton Beach property after you pass away. A Ladybird deed: what is it? These enhanced life estate deeds are a complex legal process that The Millman Law Group has handled extensively.
Several states provide this deed, including Florida. The deed is named after First Lady “Lady Bird” Johnson. The Johnsons wanted to give their children ownership of their property while still having some say over it during their lives. This new life estate deed was created in collaboration with their attorney. Contact The Millman Law Group to locate a Ladybird deed lawyer in Boynton Beach, FL. Our knowledgeable staff, led by Aaron Millman, Esq., CPA, are prepared to help you.
How Lady Bird Deeds Compare to Standard Life Estate Deeds
An enhanced life estate deed is called a Ladybird deed. The future beneficiaries’ consent is not required when utilizing this kind of deed to sell, utilize, mortgage, or lease real estate. When using a typical life estate deed, you give up full property ownership even before you pass away. Any property under a Lady Bird deed at the time of your death goes directly to your designated beneficiaries, avoiding the probate process.
How Ladybird Deeds Help Your Boynton Beach Family
Families may use a Lady Bird deed to avoid having property officially transferred to a beneficiary through probate. But aside from this, ladybird deeds have a few enticing advantages:
- Assets are protected from property claims made against the grantee
- Improved eligibility for Medicaid assistance
- You don’t need permission to modify or sell the property
- Your relatives are spared expenses, inconvenience, and exposure that come with probate
- You retain the authority to revoke a deed, sell, or mortgage a property
- You can avoid federal gift taxes
- Your home remains your homestead and is protected from judgments
Lady Bird Deeds Help You Avoid Probate
You can make sure your possessions are transferred to your heirs after your death by working with your Ladybird deed lawyer in Boynton Beach. You can skip probate by utilizing the Lady Bird deed for your property. Your family will appreciate the easy transfer of ownership during a difficult time.
How Do Ladybird Deeds Influence Medicaid Eligibility?
The greatest choice for your estate plan may be a Ladybird Deed if you wish to apply for Medicaid and long-term care. To qualify for Medicaid, you must meet specific requirements, such as having all of your assets below a specific amount. If you utilize a standard Life Estate Deed to avoid probate and include the value of your property as an asset, you may not qualify for benefits. This won’t happen with a Lady Bird deed, as a Lady Bird Deed isn’t considered a transfer.
To recover the benefits given, Medicaid may potentially file a claim against the probate estate of the dead. Since the property on the Ladybird deed circumvents the probate procedure, it is not included in the probate estate. If you want to manage your inheritance and protect your assets, get in touch with your Ladybird deed lawyer in Boynton Beach today.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Boynton Beach
Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.